| Octa Minimum Deposit Summary | |
|---|---|
| Octa Minimum Deposit | 3,375 KES |
| Deposit Methods | Bank transfers, cards, E-wallets (Skrill and Neteller) |
| Account Types | OctaTrader Account, Octa MT4 Account, Octa MT5 Account, and Swap-free Islamic account |
| Deposit Fees | No Fees. |
| Account Base Currencies | USD |
| Withdrawal Fees | No Fees. |
| Visit Octa | |
Octa’s minimum deposit is 3,375 KES ($25).
Octa is a popular choice for forex and CFD traders around in Kenya. If you’re based in Kenya and considering opening an Octa account, one of your first questions is probably, “How much do I need to get started?”
Let’s break down Octa’s minimum deposits, accepted payment methods in Kenya, deposit rules, and everything else you should know before you fund your trading journey.
What is the minimum deposit for OctaFX in Kenyan Shilling (KES)?
Octa Minimum deposit for Kenyan-based traders is 3,375 KES ($25), which is applicable for Visa cards only. Mastercards require a minimum deposit of €50.
Although from our Octa review, Octa offers 3 account types, the OctaTrader Accounts, MT5 Accounts and MT4 Accounts, they all have same minimum deposit requirement. Octa recommends a minimum deposit amount of US$100 to enable you place sizable trades.
Overall, the minimum deposit on Octa in Kenya depends on the payment method you are using.
Accepted Deposit Methods on Octa Kenya
Octa offers a range of ways to deposit into your trading account:
1)Credit/Debit Cards (Visa, MasterCard): You can use cards to get money into your trading account. The minimum deposit using a card is US$25 (or your currency equivalent) for Visa cards and €50 for Mastercards. Deposits via cards credited almost instantly (1-5 minutes).
The minimum withdrawal via cards on Octa is US$20, and only Visa cards are supported for card withdrawals. They are processed within 1-3 hours, and may take an additional 1 hour to transfer the funds. Your card issuer may take a couple more hours to credit your account.
While Octa doesn’t typically charge fees, your bank or card issuer might, so always verify that.
2) E-wallets (FPX): Octa offers another convenient option for Kenyan traders to make deposits to their account, which is the Skrill and Neteller e-wallets. The minimum deposit amount for Skrill is 6,750 KES (US$50) and the minimum for Neteller is 7,200 KES (€50). Deposits via e-wallets arrive in your trading account instantly.
Octa supports withdrawals to e-wallets and requires a minimum amount of 675 KES ($5). Withdrawals to e-wallets are processed within 1-3 hours, and may take an additional 30 minutes to transfer the funds.
Octa doesn’t charge deposit fees for this method either.
Octa Deposit Methods
Here is a summary of payment methods accepted by Octa for deposits.
| Deposit Methods | Availability | Minimum Deposit | Charges | Processing time |
|---|---|---|---|---|
| Internet banking/bank transfers | No | N/A | N/A | N/A |
| Cards | Yes | 3,375 KES ($25) | Free | 1-5 minutes |
| E-wallet (FPX) | Yes | 6,750 KES ($50) | Free | Instant |
Octa Deposit Rules
1. Deposit Fees: Octa often doesn’t charge deposit/withdrawal fees, however, your bank, card issuer or payment provider might charge independent fee. Double-check with them to avoid surprises.
2. Deposit Time: You can make deposits to your trading account at anytime. Deposits via e-wallets (Skrill and Neteller) are credited instantly and card deposits are credited within 1-5 minutes.
3. Payment Source: Always deposit from accounts (bank, cards, e-wallets) held in your own name. Third-party deposits are prohibited.
As standard practice, you will be required to submit your government ID and proof of address for verification.
How do I deposit money into my Octa account?
Step 1) Sign in to your Octa dashboard through my.octafx.com/login.
Note: CFD trading is risky
Step 2) Find the deposit tab and click on it, then choose the trading account you want to fund.
Step 3) Choose your preferred payment method, enter the amount you want to deposit and provide the necessary details required.
Step 4) Review the selections you’ve made, then confirm deposit to initiate it.
Comparison Of Octa Minimum Deposit With Other Brokers
Here is a comparison of Octa minimum deposit with that of their competitors.
| Broker | Minimum Deposit |
|---|---|
| Octa | 3,375 KES ($25) |
| HF Markets | 675 KES ($5) |
| Exness | 1,350 KES ($10) |
| FXPesa | 675 KES ($5) |
| XM Trading | 675 KES ($5) |
| FXTM | 67,500 KES ($500) |
Note: CFD trading is risky
Octa Minimum Deposit Kenya FAQs
Is OctaFX available in Kenya?
Yes, Octa offers their services to traders in Kenya, although the broker is not regulated in Kenya. Traders in Kenya are registered under Octa Markets Incorporated and are regulated by Financial Services Authority (FSA) in St. Vincent and the Grenadines (SVG).
What is the minimum deposit amount in OctaFX?
The minimum deposit in Octa depends on your payment/deposit method. The most accessible option, cards (debit/credit), requires only a 3,375 KES ($25) minimum deposit to get started when using Visa cards. Mastercards require a minimum deposit of 7,231 KES (€50).
How much is the deposit fee in OctaFX?
Octa generally do not charge any deposit fees for the supported payment methods. This includes popular options for Kenyan traders like credit/debit cards, FPX e-wallets, and bank transfers.
Of course, always double-check with your bank or e-wallet provider, as they might have their own independent fees.
Does OctaFX have a KES account?
No, Octa does not offer KES as an account currency. During account creation, you can only use USD as base account currency. However, you may deposit to your account using KES on Octa and the funds will be converted to the based currency of your account.
How do I withdraw from OctaFX in Kenya?
You can withdraw from your Octa account to your e-wallet account or Visa card. The minimum withdrawal amounts are 675 KES ($5) and 2,700 KES ($20) respectively.
To initiate a withdrawal on Octa, first log in to your dashboard, then locate the ‘Withdraw’ tab and click on it.
Next choose the trading account you want to withdraw funds from, choose a method for withdrawal (bank account or card), then enter the amount you want to withdraw and confirm.
How fast is OctaFX withdrawal?
Usually it takes within 1-3 hours to process the withdrawal (during business days) and another 1 hour to transfer funds. However, the actual time it takes for the funds to reach your bank account or card can depend on external factors like the speed of your bank’s processing or card issuer.
Note: Your capital is at risk